MIRA
INFORM REPORT
|
Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHLORIDE METALS LIMITED (w.e.f 01.12.2008) |
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Formerly Known
As : |
TANDON METALS LIMITED |
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Registered
Office : |
Gat No. 1241-1242, Markal, Taluka Khed, District Pune, Markal Pune –
412105, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.12.1998 |
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Com. Reg. No.: |
11-013126 |
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Paid-up Capital
: |
Rs. 53.461 Millions |
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|
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CIN No.: [Company Identification
No.] |
U34300PN1998PLC013126 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC07714A |
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PAN No.: [Permanent Account No.] |
AABCT0740L |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Manufacturer of lead and lead alloys |
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No. of Employees
: |
300 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Exide Industries Limited, The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Rajendra Bagade |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9673334718 |
|
Date : |
07.07.2011 |
LOCATIONS
|
Registered Office/Factory : |
Gat No. 1241-1242, Markal, Taluka Khed, District Pune, Markal Pune –
412105, |
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Tel. No.: |
91-2135-305808 |
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Mobile No.: |
91-9673334718 (Mr. Rajendra) |
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Fax No.: |
91-2135-305800 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As On 22.07.2010
|
Name : |
Mr. Thamarathiruthi Venkateswaran Ramanathan |
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Designation : |
Chairman |
|
Address : |
9 Woddlands Syndicate, 8/7, |
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Date of Birth/Age : |
08.07.1945 |
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Date of Appointment : |
31.10.2007 |
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DIN No.: |
00012249 |
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Name : |
Mr. Paban Kumar Kataky |
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Designation : |
Director |
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Address : |
Flat No. 33 and 34, |
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Date of Birth/Age : |
15.07.1948 |
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Date of Appointment : |
31.10.2007 |
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DIN No.: |
00012343 |
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Name : |
Mr. Asish Kumar Mukherjee |
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Designation : |
Director |
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Address : |
31 Woodlands Syndicate 8/7, |
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Date of Birth/Age : |
14.05.1961 |
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Date of Appointment : |
31.10.2007 |
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DIN No.: |
00131626 |
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Name : |
Dr. Subhas Ajay Chalasani |
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Designation : |
Additional Director |
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Address : |
13, D L Khan Road Alipore, Kolkata – 700020, West |
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Date of Birth/Age : |
09.12.1955 |
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Date of Appointment : |
11.08.2010 |
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DIN No.: |
03344619 |
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Name : |
Mr. Nadeem Kazim |
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Designation : |
Director |
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Name : |
Mr. Surendra Kumar Mittal |
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Designation : |
Director |
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Address : |
11B Minto park, |
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Date of Birth/Age : |
01.01.1948 |
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Date of Appointment : |
31.10.2007 |
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Date of Cessation : |
30.04.2010 |
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DIN No.: |
00012322 |
KEY EXECUTIVES
|
Name : |
Mr. Rajendra Bagade |
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Designation : |
Accounts Manager |
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Name : |
Mr. Arunito Ganguly |
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Designation : |
Company Secretary |
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Address : |
1/D, |
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Date of Birth/Age : |
11.12.1974 |
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Date of Appointment : |
14.12.2009 |
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Pan No.: |
AFSPG2216F |
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Name : |
Mr. R Raja Prakash |
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Designation : |
Company Secretary |
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Address : |
186 |
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Date of Birth/Age : |
23.12.1971 |
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Date of Appointment : |
01.02.2009 |
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Date of Cessation : |
17.07.2009 |
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Pan No.: |
AIVPP5838L |
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Name : |
Mr. Atual Bhaskar Oke |
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Designation : |
Manager |
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Pan No.: |
AAAPO7889B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 22.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Exide Industires Limited – |
|
5346094 |
|
Ramanathan Venkateswaran Thamarathiruthi |
|
1 |
|
Chatterjee Gautam |
|
1 |
|
Kataky Kumar Paban |
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1 |
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Mittal Kumar Surendra |
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1 |
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Mukherjee Kumar Asish |
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1 |
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Cooner Supriya |
|
1 |
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Total |
|
5346100 |
As On 22.07.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of lead and lead alloys |
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Products : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
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Unit |
Installed
Capacity |
|
Lead and Lead Alloys |
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Co’s |
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MT |
22267 |
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Customer |
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|
MT |
4351 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
300 (approximately) |
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Bankers : |
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Facilities : |
CC: Rs. 70.000 Millions (HDFC Bank and Corporation Bank have
consortium between them)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N. Jayendran Chartered Accountant |
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Address : |
Natvarlal Vepari and Company, Oricon Hosue, 4th Floor, 12,
K. Dubesh Marg, Mumbai – 400023, |
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Pan No.: |
AAAFN2322E |
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Fellow Subsidiaries : |
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Holding Company : |
CIN: L31402WB1970PLC014919 |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5346100 |
Equity Shares |
Rs. 10/- each |
Rs. 53.461
Millions |
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|
|
|
|
Note:
Out of the above 5346100 shares are held by
Exide Industries Limited, the holding company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
53.461 |
53.461 |
53.461 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
232.324 |
154.949 |
110.230 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
285.785 |
208.410 |
163.691 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
96.444 |
110.251 |
71.670 |
|
|
2] Unsecured Loans |
27.125 |
27.125 |
27.125 |
|
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TOTAL BORROWING |
123.569 |
137.376 |
262.486 |
|
|
DEFERRED TAX LIABILITIES |
7.741 |
9.165 |
8.506 |
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|
|
|
|
|
|
|
TOTAL |
417.095 |
354.951 |
270.992 |
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|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
243.810 |
157.520 |
128.402 |
|
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Capital work-in-progress |
2.774 |
8.225 |
0.613 |
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|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
375.701
|
196.618 |
229.273 |
|
|
Sundry Debtors |
9.139
|
21.211 |
7.170 |
|
|
Cash & Bank Balances |
36.892
|
0.633 |
29.784 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
23.280
|
6.435 |
9.799 |
|
Total
Current Assets |
445.012
|
224.897 |
276.026 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
255.218 |
33.083 |
130.492 |
|
|
Other Current Liabilities |
3.234
|
2.436 |
3.652 |
|
|
Provisions |
16.049
|
0.172 |
0.069 |
|
Total
Current Liabilities |
274.501
|
35.691 |
134.213 |
|
|
Net Current Assets |
170.511
|
189.206 |
141.813 |
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.164 |
|
|
|
|
|
|
|
|
TOTAL |
417.095 |
354.951 |
270.992 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2326.993 |
1476.250 |
614.987 |
|
|
|
Job Work Charges |
68.859 |
51.659 |
8.655 |
|
|
|
Other Income |
2.233 |
2.079 |
4.119 |
|
|
|
TOTAL (A) |
2398.085 |
1529.988 |
627.761 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials cost and inventory adjustment |
2047.644 |
1304.180 |
519.099 |
|
|
|
Manufacturing expenses |
109.211 |
98.077 |
55.049 |
|
|
|
Personnel expenses |
15.623 |
12.178 |
5.745 |
|
|
|
Selling and administrative expenses |
31.272 |
22.351 |
12.532 |
|
|
|
Preliminary expenditure written off |
0.000 |
0.164 |
0.082 |
|
|
|
TOTAL (B) |
2203.750 |
1436.95 |
592.507 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
194.335 |
93.038 |
35.254 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.612 |
11.175 |
9.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
186.723 |
81.863 |
26.044 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.748 |
8.553 |
3.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
150.975 |
73.310 |
22.433 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
51.576 |
25.908 |
8.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
99.399 |
47.402 |
13.864 |
|
|
|
|
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|
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|
Add |
EXCESS PROVISION
FOR DEPRECATION |
0.000 |
0.000 |
22.594 |
|
|
|
|
|
|
|
|
|
Less |
DEFERRED TAX
LIABILITY |
0.000 |
0.000 |
7.605 |
|
|
|
|
|
|
|
|
|
Less |
SHORT PROVISION
FOR TAXATION OF EARLIER YEARS |
|
|
|
|
|
|
INCOME TAX |
0.000 |
1.553 |
(0.005) |
|
|
|
|
|
|
|
|
|
|
FRINGE BENEFIT |
0.000 |
0.110 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT FOR THE
YEAR |
99.399 |
45.739 |
28.858 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
86.584 |
40.845 |
11.987 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
12.500 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
13.365 |
0.000 |
0.000 |
|
|
|
Tax on Above Dividend |
2.271 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
157.847 |
86.584 |
40.845 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Lead and Lead Alloys |
7.237 |
2.476 |
|
|
|
TOTAL EARNINGS |
7.237 |
2.476 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
108.834 |
142.370 |
NA |
|
|
|
Spares and Consumables |
0.448 |
0.414 |
|
|
|
|
Machinery |
53.667 |
0.000 |
|
|
|
TOTAL IMPORTS |
162.949 |
142.784 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.59 |
8.56 |
11.98 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
4110.000 |
|
|
|
|
|
Expected Sales (2011-12) : Rs. 6000.000 Millions
The above information has been parted by Mr. Rajendra Bagade
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.14
|
2.99 |
4.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.49
|
4.97 |
3.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.92
|
19.17 |
5.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.35 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
0.83 |
2.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
6.30 |
2.06 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry creditors for goods and expenses |
|
|
|
|
- Micro small and medium enterprise |
23.269 |
0.000 |
|
|
- Others |
231.949 |
33.083 |
|
|
Total |
255.218 |
33.083 |
130.492 |
Note:
The Registered office of the company has been shifted from 15 Goodwill
Society Aundha, Pune – 411007,
Operations:
ThE company has achieved a turnover of Rs. 2636.200 millions
representing a growth of 52.35% over the previous year. Profit before tax stood
at Rs. 151.000 millions and profit after tax stood at Rs. 99.400 millions which
is 106% and 110% higher respectively than that recorded in the previous year.
This remarkable growth has been made possible due to several steps taken by the
company for increasing production, smelting and refining operations through investment
in balancing equipment and technical improvements.
The company was able to achieve its plant capacity of 3000 M.T towards
production of lead and lead alloys which is the maximum allowed by the
pollution control authorities. The company has enhanced the smelting capacity
to 2200M.T per month by installing two additional rotary furnaces during the
year. An imported pressure automised furnace oil burner has also been installed
for the new rotary furnaces which will significantly increase output with lower
consumption of furnace oil. During the year the vertical furnace was dismantied
and the space was utilized for installing additional refinery pots and alloying
capabilities. A BALTUR make burner has also been procured for fitting with the
9 ton rotary furnace and agreement has also been entered for installation of
oxy-fuel burner. All the above steps has resulted in substantial reduction of
lead in slag and also reduced consumption of high cost furnace oil.
A new effluent treatment plant has been commissioned and all acidic
water generated from the battery breaking plant is being neutralized and
re-used in the battery breaking plant and for washing roads.
In order to meet
the higher demands the Company has taken several steps or increasing scrap battery
collections. An imported automatic battery breaking plant with a capacity of 10
M.T. per hour has also been installed which will increase productivity safety
and result in reducing pollution.
Contingent
Liabilities not provided for in respect of:
Rs.
In Millions
|
|
31.03.2010 |
31.03.2009 |
|
a) Other money for which the company is contingently liable for tax,
excise, customs and other matters not accepted by the company |
0.647 |
1.395 |
|
Claims not acknowledged as debts |
Not Ascertainable |
|
Form 8:
|
Corporate
identity number of the company |
U34300PN1998PLC013126 |
||||||
|
Name of the
company |
CHLORIDE METALS
LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Gat No. 1241 -
1242 Markal Taluka: Khed Dist: Pune Markal Pune - 412105, |
||||||
|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Movable Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Memorandum Relating
To Hypothecation Of Machinery |
||||||
|
Date of
instrument Creating the charge |
02.09.2009 |
||||||
|
Amount secured by
the charge |
Rs. 50.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest @ 8.50% P.A. Terms of
Repayment - Bullet Repayment On 01.08.2012 Extent and
Operation of the charge - Hyp. By Way Of Exclusive First Charge On Plant and
Machinery Consisting Of |
||||||
|
Particulars of
the property charged |
Hyp. By Way Of
Exclusive First Charge On Plant and Machinery Consisting Of |
Trade References:
- Kriss Auto
Power India Limited – Pune
- Classic Metal
Corporation – Mumbai
Fixed Assets:
- Freehold land
- Building
- Plant and machinery
- Motor vehicles
- Computers
- Furniture and fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject : None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.42 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.